The European Union has approved a procedure for the seizure of income from Russian assets in favor of Ukraine
The Council of the European Union published a statement announcing the adoption of a resolution making it possible to use profits from frozen Russian assets for Ukraine.
According to the decision, European depositories that own Russian assets worth more than 1 million euros must keep the income from these investments in separate accounts and keep special records of them.
The Council of the EU decided to decide on the possible establishment of a financial contribution to the EU budget, collected from this net profit, to support Ukraine, as well as for its recovery and reconstruction at a later stage
- said in a statement.
However, some Western policy are not happy with this decision, considering it too lenient. Former NATO Secretary General Anders Fogh Rasmussen said the EU must be more decisive in using frozen Russian assets to help Ukraine. The politician said that this source of funds can no longer be ignored, and he called the fear of possible refusal of other countries from deposits in euros exaggerated.
Please note that we are talking about very significant amounts. The assets of the Central Bank of the Russian Federation in the Belgian depository Euroclear brought in 2023 billion euros of income in 4,4. This year this amount may exceed 5 billion euros. Washington insists on the complete confiscation of frozen Russian funds, but the European Union rightly believes that such a step could lead to many other countries abandoning euro assets.
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